MobiKwik to defer IPO?

Digital payments firm MobiKwik could delay its initial public offering (IPO) by two to three months and could even push it to the next financial year as it struggles to get foreign institutional backers at the right valuation, the Economic Times newspaper said on Tuesday.

The report comes days after larger rival Paytm’s dismal market debut that saw its shares tumble more than 27 per cent, raising questions about upcoming offerings in India’s until-now red hot IPO market.

MobiKwik has been advised to not go ahead with its IPO as it may be hard to find enough demand from institutional investors, both foreign and domestic, the Economic Times reported, citing sources aware of the discussions.